If you have installed VS2012 as well, the old cvtres file will no longer work.
Try removing the file (I simply renamed):
C:\Program Files (x86)\Microsoft Visual Studio 10.0\VC\BIN\cvtres.exe
You can also debug using the /VERBOSE linker option in order to get more information regarding the linker error. There you should see an error message that the invoke to cvtres fails.